As the hacker-in-residence at Hackers/Founders (H/F), I'm super excited to announce that H/F is launching its own cryptocurrency called Hacker Coin or HACK for short! HACK will power the H/F community and open source ecosystem, as well as support emerging technology hubs, nonprofits and startups around the globe. HACK launches in October 2017! RSVP for a webinar about HACK on Aug 29 at 10:30AM PST!
What is Hackers/Founders?
Hackers/Founders is world's largest startup network, uniting 300,000+ members in 47 countries. The H/F Co-op startup accelerator is a tight-knit cooperative, where concierge services are provided in exchange for equity, and where founders help each other and elect each other to the program. H/F Co-op has a portfolio of 55 tech companies.
What is HACK?
HACK is an Ethereum-based cryptocurrency. It's a new token that will power the open source communities, startups and scale-up ecosystems globally.
Hacker Coin will allow outside investors to own a part of H/F's portfolio by introducing HACK to the market through HACK ICO (Initial Coin Offering). For the ICO an offshore-based legal entity will create and sell the tokens to raise fiat to be invested in startups that have joined the Co-op. Hacker Coin will have a built-in mechanism that distributes profits between token buybacks and reinvestment. The value of portfolio will be calculated using eShares valuation tools on a quarterly basis and the portfolio will be audited by a third party CPA annually.
HACK has value because the float will be used to purchase equity in a broad portfolio of tech startups. H/F's global community of tech founders, which has been cultivated over the past decate, provides unique deal flow. The funds raised will provide liquidity to H/F Co-op and will be used to invest in high-growth tech companies scaling up across the globe. HACK will transform how value is created for its backers by using proceeds from Hacker Coin sales to purchase equity in H/F Co-op startups.
You can read full HACK details in Hacker Coin Teaser Document.
HACK ICO Summary
- Fiat raised during ICO will be used to invest in H/F Co-op startups.
- No management fees. No carry. H/F sustains its operations from sale of its own Hacker Coins and only profits if HACK increases in value.
- 50% of the profits from startup exits will be used to repurchase and retire Hacker Coin. 50% of the profits will be re-invested.
- Hacker Coins will be liquid, trading freely on the global cryptocurrency exchanges.
- Proceeds from ICO sale will power H/F initiatives and communities that will benefit tech globally.
- New Hacker Coins will be mined at rate of 3.14159% a year by communities, nonprofits and hacker spaces supporting entrepreneurs in under-served areas globally.
HACK ICO Terms
HACK is based on Ethereum. The exact ETH:HACK ratio is being discussed right now. I'll update the post once this info is decided.
Total issued: 80,000,000 HACK.
Initial target: 30,000,000 HACK.
Issued to Team/Company: 18,000,000 HACK.
Burn: After the ICO all unsold tokens will be burned.
Preferred: 25% discount to ICO price (ends Aug 26, 2017).
Presale: 20% discount to ICO price (ends Oct 16th, 2017).
First week of ICO: 10% discount to ICO price (ends Oct 24, 2017).
Second week of ICO: 5% discount to ICO price (ends Nov 1, 2017).
Email Torrance at
firstname.lastname@example.org to buy some HACK at a discount and put Oct 16 in your calendars for the ICO date!
HACK ICO Webinar with Jonathan Nelson
H/F's CEO Jonathan Nelson will hold Hacker Coin ICO webinar on Aug 29 at 10:30AM PST. RSVP here!
See you next time!